#SaudiArabia's economy set to grow at fastest pace in a decade, IMF says

Saudi Arabia's economy set to grow at fastest pace in a decade, IMF says

Saudi Arabia’s economy is set to grow at the quickest pace in a decade and will likely be one of the world’s fastest-growing economies this year, according to the International Monetary Fund.

Sweeping pro-business reforms implemented by the country, together with a sharp rise in oil prices and increased crude production, have powered the kingdom’s recovery from the pandemic-induced recession in 2020, the IMF said on Wednesday.

“The authorities’ continued implementation of Vision 2030 policies will help diversify and liberalise the economy and thus pave the way to more stable growth,” Amine Mati, an IMF assistant director and Sidra Rehman, an economist at the fund, said.

Saudi Arabia’s gross domestic product is forecast to expand 7.6 per cent this year after 3.2 per cent growth in 2021, the IMF said in its World Economic Outlook update last month.